That's 15% year-over-year ex-TAC revenue growth, which is greater than Yahoo's seen in almost nine years.

However, that revenue growth came at a price:

Yahoo reported traffic acquisition costs of $200 million, up from $44 million Q2 of 2014, bringing it to a net loss of $22 million. On the company's earnings call, Yahoo CFO Ken Goldman said that Yahoo expects to continue to pay partners more heavily for search traffic.

Coupled with light guidance, those losses sunk Yahoo's stock, although it was only down ~.8% during the company's earnings call.

Mavens — what the company calls its mobile, video, native, and social group of businesses — grew to nearly $400 million in revenue this quarter, up from $363 million last quarter.

Revenue from its search and display ads businesses continued to decline, however. Non-Mavens revenue was $725 million, down from $742 million in Q2 last year.

The stock was down as much as ~2.4% on the report, likely on Yahoo's low revenue guidance for next quarter: It's forecasting ex-TAC revenue of between $1 and $1.04 billion, versus analyst expectations of $1.07 billion.

Mayer partially attributed that lighter revenue on the fact that Yahoo plans to increase traffic to its "Gemini" search engine on mobile. Increased traffic will put pressure on prices, Mayer said on the companies earnings call, which will temporarily reduce search revenue.

Yahoo also signficantly cut its workforce this quarter, reporting a headcount of fewer than 11,000 full-time employees, a decrease of 11% year-over-year, and 32% since Mayer become CEO almost exactly three years ago. After last quarter's earnings, Morgan Stanley called for even more layoffs than that.

Yahoo

On the earnings call, Yahoo CFO Ken Goldman also gave a brief updated on Yahoo's Alibaba spin-off.